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Array BioPharma Reports Financial Results for the Fourth Quarter And Full Year of Fiscal 2001
BOULDER, Colo., Aug. 6 /PRNewswire/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the fourth quarter and the full year of fiscal 2001, ending June 30, 2001.
During the fourth quarter of fiscal 2001, total revenues reached $5.7 million, up 152% from $2.2 million in the same period in fiscal 2000. Net loss for the fourth quarter before extraordinary charges related to early extinguishment of debt was $1.4 million or ($0.06) per share, compared to a net loss of $1.8 million or ($0.14) per share for the comparable quarter in fiscal 2000. Revenues for the fiscal year ending June 30, 2001 were $17.0 million, compared to revenues of $6.8 million for the fiscal year ending June 30, 2000. The pro forma net loss for the fiscal year ending June 30, 2001 was $10.4 million or ($0.52) per share, compared to a pro forma net loss of $5.1 million or ($0.44) per share, reported for fiscal year 2000. Excluding non-cash compensation-related charges incurred in fiscal year 2001 results in an adjusted pro forma net loss per share of ($0.03) for the fourth quarter and ($0.29) for the fiscal year ending June 30, 2001.
"As reflected by these results, Array has experienced dramatic growth in its revenues, scientific staff and laboratory space during fiscal year 2001," said Robert E. Conway, Chief Executive Officer. "The increasingly competitive environment faced by pharmaceutical, biotechnology and genomics companies to create new drugs is fueling the demand for high-quality, small molecule drug discovery expertise. These companies are increasingly seeking a quality partner with an experienced scientific team and a track record of success in creating drug candidates, which is driving Array's success within the industry."
Highlights during the fourth quarter of fiscal 2001 include:
"During this quarter, we continued to execute our strategy of building the industry's premier drug discovery platform," said Mr. Conway. "Array currently employs 136 scientists, half of whom were hired in just the past 12 months. We continue to recruit high-caliber scientists at a rapid rate. During the coming year, we plan to expand our chemistry-rich drug discovery platform to include cGMP manufacturing through Phase I clinical trials, and drug metabolism capabilities. In addition, we are enhancing our predictive computational modeling and high throughput screening groups as well as increasing our investment in our own proprietary drug research."
Array ended the fourth quarter with $47.7 million in cash and marketable securities. During the fourth quarter, all debt from prior equipment financing of $5 million was repaid early. As a result, $225,000 of extraordinary charges related to early extinguishment of debt was incurred, including a $96,000 non-cash charge related to the value of warrants issued to the lenders at the time of the original financings.
The pro forma net loss per share for the fourth quarter and the full year of fiscal 2001 of ($0.06) and ($0.52), respectively, assumes conversion of all convertible preferred stock into common stock as of the beginning of the fiscal year and excludes extraordinary charges from early extinguishment of debt and the deemed dividend from conversion of Array's preferred stock in connection with its initial public offering. These results include $619,000 and $4.7 million, respectively, of non-cash compensation-related charges for the fourth quarter and the fiscal year ending June 30, 2001. Excluding these non-cash charges results in adjusted pro forma net loss per share of ($0.03) and ($0.29) for the fourth quarter and the full year of fiscal 2001, respectively.
Array will hold a conference call on Tuesday, August 7, 2001, at 9:00 a.m. EDT to discuss these results. Robert E. Conway, Chief Executive Officer and R. Michael Carruthers, Chief Financial Officer of Array, will lead the call.
Date: Tuesday, August 7, 2001
Toll-free: (800) 967-7143 Outside the U.S.: (719) 457-2631 Web cast: www.arraybiopharma.com
There will be a replay of the conference call for 7 days that can be accessed by dialing toll-free (888) 203-1112, and outside the U.S. (719) 457-0820. The access code is 436848. Replay of the call will also be available as a web cast on Array's web site at www.arraybiopharma.com.
Array BioPharma is a drug discovery company creating new drugs through innovations in chemistry and structural biology. Array's world-class scientific team integrates chemistry and structural biology with an information-based technology platform to create higher quality drug candidates. Array provides drug discovery expertise to collaborators and for its own proprietary research. For more information on Array BioPharma, please visit the company's web site at www.arraybiopharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties, including those discussed below and described more fully in reports filed by Array with the Securities and Exchange Commission, including our final prospectus as filed on November 16, 2000. Because these statements reflect our current expectations concerning future events, our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors. These factors include, but are not limited to, our ability to achieve and maintain profitability, the extent to which the pharmaceutical and biotechnology industries are willing to collaborate with third parties on their drug discovery activities, the ability of our collaborators and of Array to meet drug discovery objectives tied to milestones and royalties, and our ability to attract and retain experienced scientists and management. We are providing this information as of August 6, 2001. We undertake no duty to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements or of anticipated or unanticipated events that alter any assumptions underlying such statements.
Array BioPharma Inc. Condensed Statement of Operations (in thousands, except per share amounts)
Three Months Ended Twelve Months Ended June 30, June 30, 2001 2000 2001 2000 (unaudited) Revenue $5,671 $2,248 $17,006 $6,774 Cost of revenue* 3,851 1,654 12,965 4,445 Gross profit 1,820 594 4,041 2,329 Research and development expenses* 2,288 1,327 8,265 3,963 Selling, general and administrative expenses* 1,480 1,049 7,668 3,470 Total operating expenses 3,768 2,376 15,933 7,433 Loss from operations (1,948) (1,782) (11,892) (5,104) Interest expense (86) (126) (587) (384) Interest income 653 119 2,092 356 Net loss before extraordinary item (1,381) (1,789) (10,387) (5,132) Pro forma net loss per share - including preferred $(0.06) $(0.14) $(0.52) $(0.44) Pro forma shares used in computing net loss per share - including preferred 23,176 13,133 19,792 11,721 Deemed dividend related to beneficial conversion feature of preferred stock -- -- (5,000) -- Extraordinary item - charges from early extinguishment of debt (225) -- (225) -- Net loss applicable to common stockholders $(1,606) $(1,789) $(15,612) $(5,132) Basic and diluted net loss per share applicable to common stockholders $(0.07) $(0.55) $(0.99) $(1.68) Shares used in computing basic and diluted net loss per share 23,176 3,255 15,693 3,063
Cost of revenue $248 $38 $998 $43 Research and development expenses 166 31 644 35 Selling, general and administrative expenses 205 347 3,012 1,040 Total $619 $416 $4,654 $1,118 Summary Balance Sheet Data (in thousands)
June 30, June 30, 2001 2000 Cash, cash equivalents and marketable securities $47,712 $5,784 Working capital 44,917 2,210 Total assets 70,950 15,823 Stockholders' equity 62,468 6,653 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X28211816
SOURCE Array BioPharma Inc.
CONTACT: Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, email@example.com/